Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Aug - Newspaper Advertisement in respect of AGM and e-voting procedure.
Source: Bse
Asian Granito India Limited (ASIANTILES)
Small CapIndustrials stocks · Small cap · NSE
Asian Granito India Limited, incorporated in 1995, commenced tiles operations in 2001. It is the 4th largest listed ceramic tiles company in India, with 14 plants and an installed capacity of 54.5 Mn Sqm. It offers diverse tiles and bathroom solutions to domestic (85%) and overseas (15%) markets through 18,000+ touch points.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 01:23 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
46NeutralMACD + · near 52W low
Stock trend: 47
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ASIANTILESD candles · FIT view-38.1%Latest close ₹48.00 on 2026-10-21
Bar
-0.5%
RSI
45
MACD hist
0.03
52W pos
15%
2026-10-21O ₹48.25H ₹49.34L ₹47.10C ₹48.00Vol 29.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ASIANTILESNifty India ManufacturingNifty 500
- ASIANTILES
- +6.7%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +13.2 pp
Chart stats
21 Oct 2026- From 52W high
- -39.3%
- 52W range position
- 15%
- ATR (14)
- 5.5%
- Volume vs 20D
- 0.93x
- Avg traded value
- ₹16.2 Cr
- 20D price channel
- ₹45.3 - ₹55.2
₹79.1
₹42.5 - ₹79.1
₹2.6
Latest completed session
20-session average
69.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED23
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +36.8% · PAT +11.5% YoY
Technical
Neutral46
Price trend and sector-relative-strength timing.
Valuation
Legacy model-2508.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +37% YoY · PAT +11% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹531 Cr | +36.8% | -1.4% |
| EBITDA | ₹32.9 Cr | +32.0% | +257.4% |
| Operating margin | 6.2% | -22 bps | +1007 bps |
| PAT | ₹8.1 Cr | +11.5% | NDF |
| PAT margin | 1.5% | -34 bps | +759 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 106.00
- P/B
- 0.91
- EV/EBITDA
- 11.75
- Market Cap
- 1383.00Cr
Profitability
- ROE
- 1.27%
- ROCE
- 2.85%
- ROA
- 0.44%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- -20.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 31.00%
Balance Sheet
- Debt/Equity
- 0.29
- Interest Coverage
- 2.85×
- Altman Z
- 2.67
- Book Value
- 51.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 94.00 Cr
- EPS TTM
- 0.77
Shareholding
- Promoter Hold
- 38.79%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 531-1.4% vs prev
Net Profit
₹ CrLatest: 8.1+124.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 45.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 45 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 39% off 52W high · 13% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
31
RS percentile
Stage 4 Downtrend
1M return
-6.4%
3M return
+6.7%
6M return
-37.1%
1Y return
-23.9%
RS 1D
+6
RS 20D
-3
Sector rank
#2
Industry rank
#73
Stage evidence
- Price is 14.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.7%.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 86.59+2.06%
RS vs Nifty 50087
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation4/30
Growth3/25
Quality0/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
23
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
23/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
- Valuation contributes 4/30 to the score.
Main drags
- Fair-value margin of safety is negative at -2508.4%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 3/25; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
106.0
PB
0.9
EV/EBITDA
11.8
ROE
1.3%
ROCE
2.9%
FCF Yield
—
Debt/Equity
0.3
MoS
-2508.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
23
Previous: 23
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-2508.4%
Previous: -2479.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
23
23
23
23
23
23
23
23
23
23
23
23
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹29.84
-60.9% MoS
Growth-justified P/E
2.4
Growth-justified Value
₹1.84
-2508.4% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
EXXARO
Small
Exxaro Tiles Limited
Building Materials
match 94
22
66.0
1.0%
-4072%
OVERVALUED
ORIENTBELL
Small
Orient Bell Limited
Building Materials
match 83
41
27.9
4.1%
+31%
WATCHLIST
LEXUS
Small
Lexus Granito (India) Limited
Building Materials
match 80
20
—
9.2%
—
OVERVALUED
MURUDCERA
Small
Murudeshwar Ceramics Limited
Building Materials
match 59
52
17.5
3.0%
+57%
FAIR VALUE
NITCO
Small
Nitco Limited
Building Materials
match 57
20
—
10.8%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-09T07:19:55.404Z
Management commentary snapshot
Asian Granito reported strong consolidated Q3FY26 results with revenue up 15.8% YoY to 424 crore and EBITDA surging 210% YoY to 41 crore, driven by product realizations and lower gas costs. 9MFY26 consolidated revenue grew 10.6% YoY to 1,219 crore, with EBITDA up 134% YoY to 102 crore.
The company demonstrated robust consolidated YoY growth in Q3FY26 and 9MFY26, particularly in EBITDA, driven by improved product realizations and softening gas prices. Strategic diversification into Sanitaryware and ongoing capacity expansions support the long-term growth vision, despite some sequential softness in standalone results.
Current business mix
Domestic Revenue by Sales Channel (Q3FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Retail Sales60.0%
Institutional Sales32.0%
Government Sales8.0%
Growth engines
Overseas Business Expansion
Started business operations in Dubai, UK, Indonesia, and Senegal. Trading activity of large slab tiles in UAE (2023) and Marble products in UAE (2023).
Sanitaryware & Bathware Segment
Revenue increased by 49% YoY in Q3FY26. Strategic diversification from outsourcing to own manufacturing (AGL Sanitaryware, Morbi, Oct 2023).
Product Innovation
Launch of Presto and Alvaro Collections with Gritech Technology & Sicura Surfaces. Pioneer in large format tiles, full body tiles, and specialized quartz stone.
Domestic Touch Point Expansion
Plans to expand exclusive showrooms, add dealers/sub-dealers in low-presence territories, and increase company-owned display centers.
Capacity and execution
Current Operational Capacity
37.4 Mn Sqm as of December 2025.
Installed Capacity
54.5 Mn Sqm as of December 2025.
Crystal Ceramics GVT Expansion
Completed 12,000 SQMTS/day Glazed Vitrified Tiles brownfield capacity expansion at Mehsana Plant (2022).
Morbi Greenfield Plants
Setting up of Greenfield plant development at Morbi for Future Ceramic Pvt Ltd and AGL Sanitaryware Pvt Ltd (2023).
Tailwinds
Softening Gas Prices
Average gas cost for Q3FY26 was 28.06/scm vs 35.98/scm in Q3FY25, contributing to EBITDA increase.
Increased Product Realizations
Increase in product realizations contributed to the 210% YoY EBITDA growth in Q3FY26.
Cost Reduction Measures
Certain cost reduction measures contributed to the 210% YoY EBITDA growth in Q3FY26.
Growing Demand for Quartz
Demand for Quartz increasing in overseas markets due to growth in Electronics & Semiconductor, Hospitality, Real Estate, Residential, and Institutional sectors.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall growth and the impact of strategic initiatives over a longer period, especially in a potentially seasonal business. QoQ comparison provides insight into sequential momentum, cost management, and operational efficiency.
Sector KPIs management disclosed
Consolidated Revenue from Operations
Q3FY26: 423.93 crore (15.80% YoY, 4.18% QoQ); 9MFY26: 1,219.10 crore (10.60% YoY)
Consolidated EBITDA
Q3FY26: 40.80 crore (210.21% YoY, 11.35% QoQ); 9MFY26: 102.34 crore (134.43% YoY)
Consolidated EBITDA Margin
Q3FY26: 9.62% (up 603 bps YoY, up 62 bps QoQ); 9MFY26: 8.39% (up 443 bps YoY)
Consolidated PAT
Q3FY26: 18.49 crore (LP YoY, 18.61% QoQ); 9MFY26: 41.72 crore (LP YoY)
Management forward view
Long-Term Revenue Vision
Embarked on a journey to achieve a long-term vision of 6,000 crore total revenue.
International Expansion Strategy
Plans to build large presence in developed markets through subsidiaries, warehouses, and exploring OEM partnerships.
Domestic Market Penetration
Focus on adding new dealerships, distribution points, and expanding exclusive showrooms and company-owned display centers.
Brand Visibility Enhancement
Signed Ranbir Kapoor as Brand Ambassador for AGL and Vaani Kapoor for Bonzer7; leveraging social media and influencer marketing.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Revenue Growth | Q3FY26: 15.8% YoY | Sustained double-digit YoY growth, especially from new segments and overseas markets. |
| Consolidated EBITDA Margin | Q3FY26: 9.62% | Maintenance or improvement of margins, indicating effective cost management and pricing power. |
| Gas Costs Trend | Q3FY26: 28.06/scm | Stability or further softening of energy costs, which are critical for profitability. |
| Sanitaryware Revenue Growth | Q3FY26: 49% YoY | Continued strong growth in this strategic diversification segment and ramp-up of own manufacturing. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
66Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 47th percentile within Industrials. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
102 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Industrials: 47th pctile, median 68 · Small: 54th pctile, median 66
Evidence depth
Financial-only
102 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
82
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
40
weak · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 5.3%.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE is low at 2.9%.
- ▸ROE is low at 1.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Asian Granito India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Intimation of 31st AGM of the Company through VC/ OAVM.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Diversification / Disinvestment 15 Jul - Board approved ₹3.38 crore loan conversion into HSM Sharjah equity; stake to dilute from 100% to 51%.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.